Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police on Wednesday arrested Ashirbad Pattnaik and his wife, Manogyan Pattnaik, for allegedly defrauding ICICI Bank of ₹1.3 crore by availing loans against already-mortgaged properties using forged documents.
According to an press release issued by the EOW, Odisha, the couple was apprehended from Sitanath Residency, Patia, Bhubaneswar, on February 5, 2025, in connection with EOW PS Case No. 01 dated January 30, 2025. They will be produced before the Designated Court under the Odisha Protection of Interests of Depositors (OPID) Act in Cuttack.
The case was registered following a complaint by Sushant Nayak, Regional Head of Financial Crime Prevention at ICICI Bank, Bhubaneswar.
Investigations revealed that Ashirbad Pattnaik, owner of the proprietorship firm “AB Solutions,” initially availed a ₹3.79 crore cash credit loan in 2018 from Indian Bank, Ashok Nagar, by mortgaging two flats and a duplex in Bhubaneswar. However, later that year, the couple secured an additional ₹1.05 crore loan from ICICI Bank, Link Road Branch, Cuttack, against the same properties, without disclosing the prior mortgage.
Further fraud was uncovered when one of the mortgaged flats was sold to a third party, Leena Appicatlaa, through an internal balance transfer in ICICI Bank. The deceit came to light when Indian Bank initiated legal proceedings for possession due to loan defaults. Indian Bank has now taken control of the remaining two mortgaged properties.
Several incriminating documents, including fake sale deeds and loan agreements, have been seized during the ongoing investigation.
